History and Purpose

Did you know The Federal Credit Union Act, the law that establishes all credit unions, has direct connections to WoodmenLife?

In the early 1930’s, home office employees of Woodmen of the World Life Insurance Society informally pooled their resources to help their fellow employees with their financial needs. This ‘cooperative’ effort spread under the leadership of Morris Sheppard, then Treasurer for Woodmen of the World Life Insurance Society and a United States Senator from Texas.

Senator Sheppard not only wrote the bill, the Federal Credit Union Act, but he also championed it to unanimous consent in the United States Senate. Upon the signing of the Federal Credit Union Act into law by President Franklin D. Roosevelt in 1934, Senator Sheppard immediately chartered two federal credit unions. The very first federal charter was issued to the Morris Sheppard Texarkana Federal Credit Union in Senator Sheppard’s home town and on October 16,1934, the Morris Sheppard W.O.W. Federal Credit Union was officially chartered.

In 1990, the charter was amended to include all, what was then, Woodmen Tower and the adjoining World Building business tenants, their employees, and their relatives. The name was changed to Woodmen Federal Credit Union as it is known today.

The Credit Union continues to uphold the principles with which it was founded, members helping members. We are a non-profit cooperative organization, owned by and for our members. Woodmen Federal Credit Union is proud of our history and our connection with WoodmenLife.